In multiple startup rounds in the region, Singapore-based FlixStock has raised $2.5 million in a round led by Wavemaker Partners while knowledge platform Arches has also bagged an investment to expand across Asia. In Vietnam, local venture builder STI Holdings has completed a strategic investment in household service startup JupViec.
Wavemaker Partners leads $2.5m funding round in Singapore-based FlixStock
Early-stage venture capital firm Wavemaker Partners has led a $2.5 million financing for Singapore-headquartered fashion imaging technology startup FlixStock, according to an announcement.
The round, which was joined by Seeds Capital and Leo Capital, will assist FlixStock in opening its new generative AI research centre in Singapore and expansion in the US.
“Images are key to successful e-commerce, but the production of fashion images has never seen any innovation”, said Dr. Harindar Keer, founder-cum-CEO of FlixStock. “This investment will further strengthen our tech stack in generative AI and team expansion worldwide.”
The startup had been in stealth mode for three years before it introduced its solutions in 2018. The company has since then opened seven international offices and served more than 60 retailers globally.
Knowledge sharing startup Arches raises $450k
Singapore-headquartered knowledge-sharing service firm Arches has raised 50 million yen ($450,000) to expand its database of experts across Asia.
The investment was raised from Vietnam-based accounting firm I-GLOCAL and individual investors including Masashi Suekane, a managing director of Bain Capital Private Equity, Hiroyuki Ono, partner at ACA Investments, and six other angel investors.
With this funding, the startup will continue to grow its operations in Singapore, Tokyo, Ho Chi Minh City, Shanghai and Tashkent, according to a statement.
“In Asia, especially in the fastest-growing economies, industry information belongs to a small group of insiders, and public data and reports available to the market are extremely limited,” said Hiroki Kato, representative director of Arches.
Arches claimed that it has completed projects involving clients in 17 Asian and five European countries as well as the US, after nine months in operation.
Vietnamese venture builder STI Holdings invests in JupViec
Vietnam-based venture builder STI Holdings has completed a strategic investment in service platform JupViec, becoming the largest institutional shareholder in the latter.
The value of funding was not disclosed. JupViec, which also counts Japan’s Cyberagent Capital and impact fund Patamar Capital as investors, connects gig workers, the majority of whom are women, to households who demand helpers.
Capital injection from STI Holdings will enable JupViec to accelerate staff training, enhance its service quality and upgrade technological capacity. The startup will provide new service offerings, including viral disinfection, household sanitation, electronics cleaning and ironing.
STI Holdings has invested in over 20 startups in Southeast Asia, mostly in Vietnam. Its portfolio companies operate across the sectors of media, advertising, recruitment, retail, and education.
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